Netspa

Netspa is a South Korean social venture addressing the critical issue of marine pollution by transforming discarded fishing nets into high-value recycled materials. Founded in December 2020 by CEO Taek-soo Jeong and CTO Dong-hak Song, the company emerged from the founders' direct experience with the scarcity of sustainable materials. Jeong, with a background in corporate environmental safety, and Song, a textile researcher, had previously launched a sustainable apparel brand. Their struggle to source recycled nylon for their products illuminated a significant market gap and the environmental crisis posed by ghost fishing and marine plastic waste, steering them to establish Netspa.

The company's core business revolves around collecting and processing waste fishing nets, which constitute a significant portion of ocean plastic pollution. Netspa has developed a proprietary automated process to efficiently separate nylon (PA6) from the composite materials like polypropylene (PP) and polyethylene (PE) found in these nets. This technology allows them to produce high-purity (up to 99.6%) recycled nylon flakes and pellets, a feat that distinguishes them from competitors who often rely on labor-intensive manual separation. The automated system significantly enhances production capacity, with a single machine capable of processing 1.5 tons of nylon per day.

Netspa's business model is multifaceted, generating revenue by selling its recycled raw materials—trademarked as R-Nylon—to various industries. Its clientele includes major chemical and textile companies like Hyosung T&C, Kolon Plastics, and Samyang Corporation, who use the recycled nylon for products such as apparel fibers and engineering plastics for automotive and electronic components. The company also establishes partnerships with local governments to manage waste, creating a cost-effective solution for municipalities while securing a steady supply of raw materials. Netspa has built a production plant in Busan capable of handling approximately 4,000 tons of fishing nets annually. The company has received notable financial backing, including a Series A funding of 3 billion KRW in November 2021 and a subsequent bridge investment.

Keywords: marine waste recycling, discarded fishing nets, recycled nylon, circular economy, social venture, cleantech, sustainable materials, plastic upcycling, ghost fishing solution, B2B raw materials, environmental technology, waste-to-resource, sustainable manufacturing, impact startup, ESG, polyamide 6 recycling, ocean pollution, resource circulation, industrial raw materials, textile recycling, engineering plastics